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Netflix CEO joins Facebook board

By Laurie Bennett

June 23, 2011 at 4:34pm

The announcement Thursday that Netflix Chairman and CEO Reed Hastings was joining Facebook’s board immediately pushed up the Netflix share price.

If Facebook were a public company, we would no doubt see a similar spike.

Hastings has guided Netflix from a small DVD-by-mail firm to a mammoth company with more than 23 million North American subscribers.

Facebook, which claims more than 500 million active users, is expected to go public within the next year.

The appointment puts Hastings, already a powerhouse among tech execs, into a web of influence that few can match. He also sits on the Microsoft board.

Other Facebook directors are Netscape founder Marc Andreesen; venture capitalist Peter Thiel; Washington Post Co. Chairman Donald Graham and Accel Partners managing partner James Breyer.

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